Tokyo : Oil prices fell as markets digested big swings earlier in the week that have left both major benchmarks facing a second weekly loss and largely shrugged off a warning about tightness in spare capacity.
Brent crude dropped 35 cents, or 0.5 percent, to $74.10 a barrel by 0657 GMT.
On Thursday it gained $1.05 a barrel, rebounding from a session low of $72.67. It is heading for a weekly fall of nearly 4 percent.
U.S. benchmark West Texas Intermediate crude edged down 12 cents to $70.21 a barrel, after falling 5 cents in the previous session.
It is heading for a weekly decline of nearly 5 percent.
It has been a wild week for oil prices with both the main benchmarks suffering heavy losses on Wednesday as traders focused on the return of Libyan oil to the market amid concerns about a China-U.S. trade war.
Sheikh argued that the government should have maintained stable petroleum prices
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